$400 for a new checking account

Teachers Federal Credit Union was my first bank account (OK, technically it’s a credit union).

I grew up in Stony Brook on Long Island and my mother worked for the school district, so as financially savvy individuals, we opted for our local credit union. Teachers Federal Credit Union had a branch near us and I remember going to open the account.

It took maybe half an hour and I left with a small piece of green paper that had my name, account number and bank routing number on it. I remember thinking it was odd that I had a “shared project account” and not a “checking account”, but that’s just credit union nomenclature.

Fast forward decades (👀!) and I can write about how they have a new checking account promotion – and a pretty big one at that.

Teachers Federal Credit Union is NCUA insured (NCUA #8116) so your money is safe there, as it is at all credit unions or insured banks (via the FDIC). That said, here are the details of their promotion:

A quick disclaimer: Consider this offer a “Your mileage may vary” type offer – we have received emails from people telling us that their accounts were not approved. Or they were approved and then closed later. It’s unclear what leads to an account closure, but we hear it’s not easy.

  1. How to Get $400 from Teachers Federal Credit Union
    1. Smart verification
    2. Share draft check
  2. What are the qualifications of credit unions?
  3. How does this banking offer compare?

How to Get $400 from Teachers Federal Credit Union

The terms of the offer are quite simple:

  1. Open a new Teachers Federal Credit Union checking account and make direct deposits totaling at least $2,500 within 60 days – get $300
  2. Open a new account with a debit card, then spend $500 on debit card purchases within 60 days – get $100

The nice thing about this offer is that you can do either or both – sometimes banks will ask you to get the direct deposit offer before you can get the debit one. In this case, you can choose if you wish.

Finally, you need to sign up for online banking and eStatements.

The promotional code is OFFER400.

Learn more about this offer

(Offer expires 07/31/2022)

They have two eligible checking accounts – Smart Checking and Share Draft Checking.

Smart verification

The Smart verification offers a higher APY, but you must meet one of the following three conditions to get the higher APY:

  • Average monthly balance of $5,000 on Smart Checking account
  • $20,000 in combined deposit balances at the end of the month
  • Set up direct deposits of $500+ and make 10 debit card purchases

There is no penalty or fee if you don’t meet these requirements, you just don’t get the highest APY.

Share draft check

Share Draft Checking is their free check – no fees, no minimum balance, no opening deposit, etc.

What are the qualifications of credit unions?

If you open this account online, it is available nationwide. If you want to do it locally, they only have 32 locations on Long Island in New York. I was surprised to see them offer a bounty partly because in my mind it’s petty cash!

But, if you open it online, anyone can qualify.

How does this banking offer compare?

This offer stacks quite favorably and given that it is a national offer, quite nice. The $300 to open an account with a direct deposit of $2,500 in 60 days is competitive. The accounts also have no fees or minimums, a nice bonus, and if you qualify for Smart Checking you even get a competitive APY.

The offer to spend $500 outright on purchases to get an extra $100 is a nice bonus, bringing it all up to $400 for your hard work.

⭐Citi Priority Account – $300, $700, or $1,500

Citi Priority offers a bonus of $300, $700 or $1,500 when you open an account before 07/17/2022. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and hold it for 60 days after day 21. The bonus amount is based on how much you can transfer, but the lowest level starts at $15,000.

Click here to find out more

Check out the Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus when you open your first Discover online savings account with promo code WH622 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.

Click here to find out more

Chase Total Verification® – $200

Chase Bank will give you $200 when you open a total checking account and set up direct deposit within 90 days. There’s a $12 monthly fee that you can waive with a monthly direct deposit of just $500, so no problem with this offer!

Click here to find out more

SoFi Money – up to $300

SoFi Money will give you up to $300 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of such direct deposits during a 30 day trial period.

Click here to find out more

HSBC Premier Verification – $450

HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier current account and make monthly recurring qualifying direct deposits of at least $5,000 for 3 consecutive months.

Click here to find out more

Huntington Bank – up to $300

If you reside in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin, you can get up to $300 from Huntington Bank to open a new checking account. There are several eligible checking accounts, but these are great deals if you live in their geographic area.

Click here to find out more

TD Bank – $300 or $150

TD bank offers two banking offers for checking accounts and both are quite easy to reach. For example, get $300 when you open a TD Chequing Free Account and receive direct deposits of $2,500 or more within 60 days of opening your account.

Click here to find out more

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